Marathon reports 45% increase in BTC production in January

U.S.-based mining company Marathon Digital mined 687 Bitcoin (BTC) and sold 1,500 BTC in January, according to its monthly status report.

Marathon’s January production marks a 45% increase from December 2022’s 475 BTC, according to the January report.

Marathon’s CEO Fred Thiel acknowledged the increase in production and said the firm would continue to sell more of its assets to cover operational costs.

“With bitcoin production increasing and becoming more consistent, we made the strategic decision to sell some of our bitcoin, as previously planned, to cover some of our operating expenses and for general corporate purposes.

We intend to continue to sell a portion of our bitcoin holdings in 2023 to fund monthly operating costs.”

Marathon ended January with a total of 11,418 BTC in its reserves — marking a 33% year-over-year increase from the 8,595 BTC it held on Jan. 31, 2022. The firm also has $142.6 million cash as of Jan. 31.

The company said it aims to scale Marathon to be one of the most efficient mining companies by installing around 23 exahashes of computing power by mid-2023. Marathon’s operational hash rate stands at 7.3 exahash per second, while its installed hash rate is 11 exahash per second, according to the report.

Marathon digital ended 2022 by holding the largest BTC pool amongst top public mining companies, a recent CryptoSlate research revealed. Marathon held 12,232 BTC as of the 2022 year-end, corresponding to 27.7% of the combined BTC pool of the top nine mining companies. The company grew its BTC pool by 42% throughout the year 2022.